Tenure of embattled ADB boss extended

The Managing Director of the Agricultural Development Bank (adb), Stephen Kpordzih, will continue to direct affairs at the bank after his contract was extended by six more months.

A letter sighted by www.tv3network.com and signed by Nana Soglo Alloh IV, the board chairman, said President John Dramani Mahama approved the extension of Mr Kpordzih.

“The extended period will be under the same terms and conditions of the contract existing immediately prior to the extension," the letter said.

Mr Kpordzih was a subject of labour unrests within the banking firm a few months earlier after staff accused him of misappropriating funds.

They called for his resignation and the dissolution of the board of governors.

The workers accused the MD and the board of selling the bank’s head office for $10 million only to rent a facility at GH¢1 million per month.